Taking Stock: Nifty below 22,500, Sensex falls 733 pts; realty, banks top drag

Taking Stock

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Taking Stock : For the week, BSE Sensex and Nifty50 gave flat returns

the Indian stock market fell significantly on a recent trading day. Here’s a breakdown of the news: Taking Stock

  • Market Indexes:
    • Nifty 50: Fell below 22,500
    • Sensex: Dropped 733 points
  • Reason for the Drop:
    • The news report suggests that realty and banking stocks were the main drag on the market, meaning their share prices fell the most and contributed the most to the overall decline. Taking Stock

Possible explanations for the decline in realty and banking stocks could include: Taking Stock

  • Interest rate hikes: If there’s an expectation of interest rates rising, this can make borrowing money more expensive, potentially impacting sectors like real estate and banking.
  • Sector-specific concerns: There could be news or events specific to the realty or banking sectors that are causing investors to be less confident.
  • Global market movements: The Indian stock market can be influenced by global trends. If other markets around the world are falling, this can also cause Indian stocks to decline. Taking Stock

It’s important to note that this is just a snapshot of the market on a single day. Stock markets fluctuate constantly, and there can be many factors that contribute to these movements.

Do you want to know more about the Indian stock market or follow the news for today’s closing? Taking Stock

In yet another volatile session, the Indian markets failed to hold on to opening gains and ended lower with Nifty below 22,500 amid selling in heavyweights and stocks across sectors, barring metal. Taking Stock

At close, the Sensex was down 732.96 points or 0.98 percent at 73,878.15, and the Nifty was down 172.35 points or 0.76 percent at 22,475.80. About 1,241 shares advanced, while 2,013 shares declined and 79 shares were unchanged.

The market opened higher and traded positively for the first couple of hours but a sudden drop erased all the opening gains and traded in a negative zone for rest of the session. Taking Stock

For the week, BSE Sensex and Nifty50 gave flat returns.

Biggest Nifty losers were L&T, Maruti Suzuki, Reliance Industries, Nestle India and Bharti Airtel, while gainers included Coal India, Grasim Industries, ONGC, Dr Reddy’s Laboratories and Hindalco Industries. Taking Stock

Among sectors, except metal, all other sectoral indices ended in the red with capital goods, realty, telecom and PSU Bank down one percent each, while oil & gas, auto, Information Technology and Media fell 0.5 percent each. Taking Stock

The broader indices also came under pressure after hitting fresh highs in the early part of the session. The BSE midcap index fell 0.2 percent and smallcap index down 0.5 percent. Taking Stock

Among individual stocks, a volume spike of more than 500 percent was seen in Torrent Power, Cummins and Bajaj Finance. Taking Stock

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